Dear shareholders,


We hereby present you the results recorded by SIF MOLDOVA in Q1 2019 and the objectives of the following period, in agreement with "2019 Activity Program" and "SIF MOLDOVA’s Investment Strategy and Policy" approved in the General Meeting of Shareholders.

 

Portfolio structure

Relative to the total assets under management, the listed shares portfolio holds the main weight, of 73,8% (Q1 2018: 79%), while the unlisted shares ratio is 10,6% (Q1 2018: 6,8%), based on the reorientation of the investment policy.


We have maintained as main sectors in the portfolio structure: the financial sector 41,4% (Q1 2018: 45.8%) and energy sector 17,4% (Q1 2018: 18,7%), reported to total assets value.


The total value of managed assets reached 1.950 mil lei (Q1 2018: 2.075 mil lei), while the net asset value (NAV) has been of 1,83 lei (Q1 2018: 1,93 lei). The price of SIF2 share at the end of Q1 2019 has been of 1,2040 lei, which lead to a SIF2 price/NAV discount of 34%.


 

Financial Performance

The net result recorded in Q1 2019 has been of 1,7 mil lei, being comprised of the net profit and net gain from assets sale reflected in reported result, while investments in securities has been of 12,7 mil lei.

 

...Details...

 

Yours sincerely,
Costel Ceocea – President of the Board of Directors